25th Aug 2021 07:00
(Alliance News) - A German regulator has rejected suspicions of insider trading in Aston Martin Lagonda Global Holdings PLC and Daimler AG shares, the Financial Times reported Tuesday.
Germany's Federal Financial Supervisory Authority, or BaFin, and the UK's Financial Conduct Authority found no evidence of wrongdoing, the FT added.
The regulators have been looking into suspected insider trading, including the purchase of a stake in Aston Martin by Mercedes's Formula One boss Toto Wolff.
BaFin said it would not proceed with an investigation due to insufficient evidence, the newspaper reported, while the FCA declined to comment. A person familiar with the matter told the FT that the FCA had not pursued an investigation.
https://www.ft.com/content/243b02b8-edae-44e5-8dad-1a6a66bf154f
Austrian motorsport executive Wolff is a significant minority shareholder in the Mercedes F1 team and bought shares in Aston Martin in April last year. Daimler, the parent company of Mercedes, also owns a minority stake in the luxury carmaker.
The financial probe by authorities began after Canadian newspaper Le Journal de Montreal reported the suspicion of insider trading by the F1 boss.
Shares in Aston Martin closed 2.7% higher at 1,962.00 pence each in London on Tuesday. Daimler shares closed 1.3% higher at EUR70.74 in Frankfurt.
By Will Paige; [email protected]
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